Costa Rica: Development Bank to have fewer resources

The Development Bank system will have access to fewer resources, because the allocations of resources from the Fund for Productive Restructuring, determined by the management committee of the National Production Board (CNP) is reducing its contribution by more than half.

Thursday, April 24, 2008

In January of last year the Fund's budget provided about 22 million colons (about 42 million dollars), but yesterday Javier Flores, Minister of Agriculture, confirmed that it would provide just 10 billion colons this year.
Flores said the reason for the reduction is a series of previous financial commitments.

More on this topic

Costa Rica: Development Bank to start in December

November 2008

Farmers, entrepreneurs and professionals will be able to present their proposals to compete for part of the $84 million that the Government made available to start the fund.

In December the interested parties will be able to go to the National and Agricultural Credit banks, the minister of Agriculture and Livestock, Javier Flores, said.

Costa Rica: Development Banking Still Stuck

September 2011

The reform proposal submitted by the Government does not have the full backing of the Legislative Assembly.

The way that resources obtained from the banking system are to be used is the main point that could further delay the implementation of the system of development banking (SBD in Spanish), which aims to provide financing to small and medium enterprises who do not have access today to traditional bank loans.

Costa Rica: Development Banking Lent $2.45 Million

June 2009

These credits have been distributed among 243 projects of micro and small entrepreneurs.

By the end of May, 51% of the loan has gone to the agriculture sector, 19% to commerce, 14% to cattle raising, 6% to services, 6% to dairy production, 3% to industry y 1% to tourism.

Development Banking Requirements Made More Flexible

April 2013

The definition of the conditions and requirements for customers will be the responsibility of each entity, as determined in its policies and risk analysis.

The National Council of Financial System Supervision (CONASSIF) approved from Tuesday, 15 to 10 changes to the standard established by the Superintendent of Financial Institutions (SUGEF) under the Regulation for qualifying borrowers with resources granted by the Banking System Development Act 8634, which states: "It is the responsibility of the Board of Directors or equivalent governing body of each financial institution, to approve the policies, processes and controls which will be used to identify, measure and manage the risks associated with credit operations, and resources granted by the Banking System Development Act 8634 ".

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